Fire Suppression Market

Global Fire Suppression Market Size (2024 to 2029)

The global fire suppression market size is projected to be worth USD 26.97 billion in 2024, with an anticipated growth at a CAGR of 4.80% during the forecast period, reaching USD 34.14 billion by 2029.

Global Fire Suppression Market Drivers

Government laws governing fire safety are driving the fire suppression market. The increase in fire incidences has led to profitable expansion prospects for the use of these systems in residential and commercial settings. The high fire risk in industries like energy, power, manufacturing, and oil and gas necessitates increased demand for fire suppression equipment like fire sprinklers in the U.S. Rising consumer spending power as well as a greater focus on enhancing the general fire safety standard of the structures in the region by the government, and regulatory bodies are ascribed to leverage the growth rate of the market. Another factor propelling the market is sustainable, eco-friendly, and effective replacements for conventional systems, which are being developed by the fire suppression sector through continuous innovation. Technology that reduces damage and speeds up response times are water mist systems, clean agent foams, and sophisticated detection and activation systems. Insurance firms are offering incentives and lower premiums for premises with efficient fire suppression systems as a sign that businesses are realising the financial benefits of proactively managing fire hazards.

Technical advancements like the development of next-generation fire suppression agents and the integration of AI and smart technologies are providing opportunities for the fire suppression market. There are business prospects in researching green substitutes for conventional agents like water and halon, including water mist systems and clean agent foams. The foam fire safety system consists of a set of inflated bubbles made of aqueous solutions. Compared to other flammable liquids, it is less dense. By keeping out air and chilling the fuel, this foam-based technique primarily creates a cohesive floating blanket over flammable and combustible liquids to put out fires.

The growing demand for this fire suppression due to the various technological developments is supporting the global market growth. Moreover, growth in the construction sector coupled with the growing importance of these systems in the oil & gas exploration, energy & power, and manufacturing industries are promoting the surge in the fire suppression market globally.

Global Fire Suppression Market Restraints

Factors such as a shortage of trained labor and a lack of norms and procedures are majorly hampering the growth of the global fire suppression market. The market is further limited in its expansion by the high costs associated with the installation and upkeep of fire suppression equipment. This is because complicated networks require the development of sophisticated technologies to combat a fire. Additionally, frequent maintenance is necessary for fire suppression systems in addition to other services, which raises costs even more. Other potential barriers to the expansion of the fire suppression market are the falling prices of oil and gas and the integrity issues with system interfaces.

Identifying and logging fire hazards is one of the challenges for the fire suppression market. Several risks, including electrical problems, malfunctioning smoke detectors, dangerous items, and a lack of fire escapes, make poorly maintained buildings and properties more prone to flames. To require property owners to rectify faults and ensure future fire safety, fire inspectors precisely identify threats and document them in a way that is legally acceptable and enforceable.

Enforcing complex regulations is another factor decreasing the growth rate of the market. All properties and structures are subject to building rules and regulations, which set minimum safety requirements. Many property owners disobey safety laws that put residents at risk of fire and provide insufficient protection.

Impact of COVID-19 on the global fire suppression market

The COVID-19 pandemic has caused a shift in various industries because of the lockdown situation. This has affected supply chain operations, vendor operations, and product commercialization, either directly or indirectly. As a result of the pandemic and the world's rising industrialization and urbanization, the market for fire control systems started to rise enormously post-COVID. Moreover, the COVID-19 pandemic caused several problems that passed on throughout the supply chain, exposing any weak points or inefficient sections. Lockdowns or rules that result in a labour shortage and a material shortage are the root causes of these problems. Consequently, it has disrupted the production of fire suppression equipment and halted certain activities. It also raised freight expenses, delayed shipments, and increased goods costs.

REPORT COVERAGE

This research report on the global fire suppression market has been segmented and sub-segmented into the following categories.

Global Fire Suppression Market - By Product:

• Fire Detectors & Control Panels

• Fire Sprinklers

• Nozzles

• Caps & Control Heads

• Fire Suppressors

Based on product, the fire detectors & control panels segment is expected to have the fastest CAGR during the forecast period. Water is directly stored in pipes and released by heat-activated spray heads in wet pipe fire sprinkler systems. The benefit of this kind of fire sprinkler is that it can come on right away when the fire sprinkler heads open. Instead of using water in the piping system, a dry pipe sprinkler system is connected to one that uses pressurized air or nitrogen gas. Sprinkler systems using dry pipes tend to go in locations where wet pipe systems might not be suitable.

Global Fire Suppression Market - By Suppression Reagent:

• Chemical

• Gaseous

• Water

• Foam

Based on the suppression agent, the chemical segment is ruling the market and is anticipated to account for the largest share of the worldwide market during the forecast period. The dry chemical powder is gaining popularity due to its versatility and easy storage without pressurized equipment. Its popularity is driven by its ability to handle various fires and prevent damage to electrical devices or equipment.

Global Fire Suppression Market - By Sector:

• Residential

• Commercial

• Industrial

Based on sector, the industrial segment is predicted to hold the major share of the worldwide fire suppression market during the forecast period. These systems used in manufacturing facilities, warehouses, storage buildings, data hosting centers, etc., are included in the industrial section. The demand for such systems is predicted to rise sharply globally because of the growth of industrial facilities and ongoing changes to fire safety laws around the globe. The America Creating Opportunities for Manufacturing, PreEminence in Technology and Economic Strength (COMPETES) Act was launched by the U.S. government in February 2022 to provide funding to American manufacturing enterprises.

Global Fire Suppression Market - By Region:

• North America

• Europe

• Asia-Pacific

• South America

• Middle East & Africa

The North American fire suppression market holds the maximum share of the worldwide market and is expected to grow further in the coming years. Government initiatives and growing consumer demand for high-quality safety goods are driving the U.S. fire suppression market. The economic picture in this region will be shaped by strict government regulations and standards regarding safety in the commercial, residential, and industrial sectors and by the use of smart building technologies. Also, rising production operations in offshore areas and increased exploration will continue to propel the regional market. In addition, new oil and gas initiatives in the area should have a favorable impact on the market in the upcoming years.

Europe is anticipated to grow further in the coming years. Regional economic development continues to benefit from public spending when it comes to transport and digital infrastructure. Economic development is fueled by private investments, particularly in the construction industry. The demand for these systems is driven by the implementation of severe safety laws and building codes that require the use of fire protection materials in residential, commercial, and industrial facilities.

Asia Pacific is anticipated to propel at a higher CAGR during the forecast period. The construction industry in this region has expanded due to growing urbanization, which has greatly fueled the market for fire protection systems. The Japanese government has invested more effort into raising public understanding of fire safety. The nation has implemented numerous fire safety-related programs, such as the use of a large number of personnel in the fire service and public awareness campaigns in schools via radio, television, and other media outlets.

Latin America's fire suppression market is predicted to have a moderate growth rate in the coming years. The majority of countries in the region lack the capacity to contain wildfires, and they usually go out by rain or have a scarcity of combustible materials. Argentina, Brazil, Chile, and Venezuela have both aerial and ground resources for fishing. In other words, six out of the ten countries in South America are limited to using ground-based suppression methods since they cannot suppress aircraft. There are no professionals with professionally trained and equipped ground teams in Bolivia, Ecuador, Paraguay, or Peru.

The Middle East and Africa market is expected to be driven by the building of new infrastructure as a result of economic diversification and aspirational growth plans among the participating countries. Furthermore, the market's expansion would be aided by the adoption of strict national regulations.

KEY MARKET PLAYERS

The key players of the Global Fire Suppression Market include Consilium AB, Semco Maritime A/S, Marioff Corporation, Knowsley SK Ltd, Johnson Controls, Robert Bosch GmbH, Gentex Corporation, Halma PLC, United Technologies Corporation, VT MAK, Siemens AG, Tyco, Cooper Wheelock, Bosch Security System Inc., Napco Security Company Inc., Spectronics Corporation, SimplexGrinnell LP, Fenwal Controls Japan Ltd, Space Age Electronics Inc., RSG/Aames Security Inc., Signal Communications Corporation, Kalb Corp., Master Fire Prevention Systems, Inc., Modular Connections, LLC, EMTEQ, Inc. and Atomizing Systems, Inc.

RECENT HAPPENINGS IN THE MARKET

• Consilium AB Marine & Safety, one of the leading manufacturers of safety & safety-related technologies, has announced that the Nordic Capital has signed an agreement with them to acquire their Marine & Safety unit business within fire & gas detection for the marine, oil & gas, transport & building sectors.

• Semco Maritime, one of the key players in the Global Fire Suspension Market, and Odfjell Drilling are in a contract for preparing and modifying the Deepsea Stavanger rig that was prior to its start of a nine-month drilling campaign in the harsh waters that are outside South Africa.